What is compliance & compliance management or compliance management systems?
Compliance encompasses all measures and processes that a company defines to ensure adherence to all applicable legal provisions. This includes not only public laws and industry-specific framework conditions, but also internal company rules and regulations. These include, for example, the following guidelines and risks: Violations of the Occupational Health and Safety Act (such as minimum wage, Working Hours Act) or Anti-Discrimination Act, unfair competition, corruption offenses, tax evasion, GDPR violations, money laundering, illegality against antitrust law, foreign trade regulations, procurement regulations, violation of environmental standards.
The aim of compliance management or a compliance management system in accordance with ISO 37301 is to detect and sanction compliance violations at an early stage and in good time. But above all, it is about the preventive prevention of such violations. This is intended to avert imminent and possibly enormous economic damage to the company, such as a considerable loss of image and credibility or high financial penalties. Compliance management therefore focuses on ensuring that all company employees behave in accordance with standards.
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Why compliance management?
Taking into account numerous German, European and international regulations and ethical principles, the establishment and organization of a holistic compliance management system has a positive effect on the following aspects:
- Ensuring sustainable business success
- Reduction of liability risks
- Gaining trust and credibility
- Enhanced image and competitive strength
- Preference when awarding contracts
- Bundled and up-to-date overview of relevant regulations that apply to the organization
- Sensitization of employees
Our services at a glance
We advise and support you in the introduction of a compliance management system in accordance with TR CMS 101:2011 and/or ISO 19600 by
- Identification of compliance obligations & integration into existing practices & procedures
- Analyzing the risks associated with compliance obligations
- Prioritization of risks and obligations
- Guidance on timely review of the risk assessment process
- Documentation to ensure that employees know what is expected of them and that this knowledge is certified
- Analyzing the information using techniques such as root cause investigations
- Establishing compliance performance indicators and monitoring & measuring compliance performance to determine the need for corrective action
- Identifying compliance risks & managing the resulting compliance obligations to third parties such as suppliers, vendors, contractors
- Audit planning and reporting
- Management review and control
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Frequently asked questions
What is compliance and compliance management?
Compliance refers to all measures and processes that a company takes to ensure adherence to all relevant legal provisions. Compliance management refers to the systematic approach and implementation of strategies to prevent, detect and sanction compliance violations. It includes the definition of rules, guidelines and procedures as well as raising employee awareness of compliant behavior.
What is a compliance management system (CMS)?
A compliance management system (CMS) is a structured approach to managing and monitoring compliance requirements in a company. It consists of a series of guidelines, processes and control mechanisms aimed at ensuring compliance with laws, regulations and internal company guidelines. The CMS supports the identification, assessment and management of compliance risks.
What are the advantages of a compliance management system in accordance with ISO 37301?
A compliance management system in accordance with ISO 37301 offers various benefits, including
- Ensuring sustainable business success
- Reduction of liability risks
- Gaining trust and credibility
- Enhanced image and competitive strength
- Preference when awarding contracts
- Bundled and up-to-date overview of relevant regulations
- Sensitization of employees to compliance requirements
What tasks does the introduction of a compliance management system involve?
The introduction of a compliance management system comprises several tasks, such as
- Identification of compliance obligations and integration into existing practices and procedures
- Analyzing the risks associated with compliance obligations
- Prioritization of risks and obligations
- Guidance for timely review of the risk assessment process
- Documenting compliance requirements and training employees
- Monitoring and measuring compliance performance and identifying corrective actions
- Managing compliance obligations towards third parties, such as suppliers or contractors
- Planning and conducting audits
- Management assessment and control of the CMS
How can a company receive support in implementing a compliance management system?
To implement a compliance management system, companies can rely on specialized consulting companies. They offer support with the introduction, adaptation and certification of the CMS in accordance with the requirements of ISO 37301. They help with the identification of compliance obligations, risk analysis, employee training and the establishment of monitoring and control mechanisms.